Oil prices have hit multi-week highs after Houthis attacked Saudi energy facilities and Tehran threatened the United States with “economic warfare”, Reuters reports.
Brent crude futures were up $2.00, or 2.06pc, at $99.00 a barrel by 1pm PKT. US West Texas Intermediate crude was at $94.41 a barrel, up $2.93, or 3.2pc.
Brent earlier rose to as much as $99.22 a barrel, its highest since July 24, while WTI reached $94.60 a barrel, its highest since June 8.
“The price action reflects both genuine physical tightness tanker flows through Hormuz remain well below normal and a clear geopolitical risk premium. Right now the risk premium is doing a lot of the heavy lifting,” said Tim Waterer, chief market analyst at KCM Trade.
